Sunteck Realty allots 1.17 crore convertible warrants at Rs 425 each
SUNTECK · price
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On the reaction day the stock moved 3.0 pts more than Nifty Microcap 250 and 3.7 pts more than its Residential Commercial Projects peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Sunteck Realty has allotted 1,17,64,705 convertible warrants on a preferential basis at Rs 425 per warrant, aggregating to about Rs 500 crore. Allottees include promoter group firms (Samagra Wealthmax, Glint Infraprojects, Bhuwalka Steel Industries) and non-promoters such as Mukul Mahavir Agrawal, Utpal Sheth, BW South Asia, and NTAsian Discovery Master Fund. The company has received 25% upfront (about Rs 125 crore); the balance 75% is payable within 18 months on conversion of each warrant into one equity share.
Capital raise plan signalled but most cash inflow is deferred up to 18 months; equity dilution risk if all warrants are converted.